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Mozambique Plans to Begin LNG Exports By 2018

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07/25/2013 | 02:45pm CEST

By Alexis Flynn

ABERDEEN, Scotland--Mozambique hopes to export its first cargoes of liquefied natural gas by 2018, President Armando Emilio Guebuza said Thursday.

"We are doing our best to make sure that by 2018 the first trains are delivered to the market," said Mr. Guebuza, who is Aberdeen at a conference to promote Mozambique's nascent oil and gas industry.

The East African nation is on the cusp of becoming one of the continent's biggest energy producers following the discovery of giant natural gas fields in the deep waters off its northeast coast.

However, before any exports can begin, billions of dollars will have to be spent building the giant refrigeration tanks needed to cool the gas for shipping and developing port facilities big enough to house LNG carrier vessels.

Mozambique expects it will cost at least $40 billion to develop its natural gas infrastructure, including a plant capable of exporting 20 million metric tons of LNG and a local distribution hub that will service its domestic energy needs as well as those of its near neighbors, said Minister of Mineral Resources Esperenca Bias.

"It will be the largest ever in Africa," said Ms. Bias.

However, it remains unclear which international companies will build the terminal. The right to export LNG currently rests with Italy's Eni SpA (E) and U.S. explorer Anadarko Petroleum Corp (>> Anadarko Petroleum Corporation), the two firms operating the concessions where most of the 108 trillion cubic feet of natural gas have been found.

Both companies are in discussions with the government about developing an LNG plant, said Arsenio Mabote, chairman of the state-owned National Petroleum Institute. "It is up to the concessionaires to decide," said Mr. Mabote, adding that he expects the talks to conclude in the next few months.

-Write to Alexis Flynn at [email protected]

Corrections & Amplifications

This item was corrected at 1605 GMT because it misstated the organization chaired by Arsenio Mabote in the last paragraph. He is chairman of the National Petroleum Institute, not National Hydrocarbons Co.

Stocks mentioned in the article : Anadarko Petroleum Corporation
Stocks mentioned in the article
ChangeLast1st jan.
ANADARKO PETROLEUM 0.62% 66.49 Delayed Quote.23.96%
ENI -0.30% 15.952 End-of-day quote.15.59%
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Financials ($)
Sales 2018 12 711 M
EBIT 2018 2 754 M
Net income 2018 886 M
Debt 2018 12 663 M
Yield 2018 1,37%
P/E ratio 2018 38,87
P/E ratio 2019 33,94
EV / Sales 2018 3,69x
EV / Sales 2019 3,33x
Capitalization 34 264 M
Chart ANADARKO PETROLEUM
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Anadarko Petroleum Technical Analysis Chart | APC | US0325111070 | 4-Traders
Technical analysis trends ANADARKO PETROLEUM
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 33
Average target price 73,4 $
Spread / Average Target 10%
EPS Revisions
Managers
NameTitle
Robert A. Walker Chairman, President & Chief Executive Officer
Robert G. Gwin Chief Financial Officer & Executive VP-Finance
Mario M. Coll Chief Information Officer & Senior Vice President
H. Paulett Eberhart Lead Independent Director
John Rousmaniere Gordon Independent Director
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